Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of activity for Corporation's stock options

A summary of activity for the Corporation’s stock options as of and for the nine months ended September 30, 2013 is presented below:

	Non-Vested Stock Options Outstanding						Stock Options Outstanding
	Number of Options		Weighted- Average Exercise Price Per Share		Weighted- Average Grant Date Fair Value		Number of Options		Weighted- Average Exercise Price Per Share
Outstanding at January 1, 2013	314,765		$	23.03	$	6.92	997,222		$	27.24
Granted	244,219		25.14		7.40		244,219		25.14
Exercised	—		—		—		(87,842	)	22.84
Vested	(126,682	)	22.96		6.93		—		—
Forfeited/expired	(17,961	)	23.34		6.98		(19,086	)	24.07
Outstanding at September 30, 2013	414,341		$	24.28	$	7.19	1,134,513		$	27.19
Exercisable/vested at September 30, 2013							720,172		$	28.86

Assumptions of Black-Scholes option pricing model

The fair value of the stock options granted during the nine months ended September 30, 2013 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions.

Expected dividend yield	3.50		%
Risk-free interest rate	1.34		%
Expected stock price volatility	42.1		%
Expected life of options – in years	7.0
Weighted average fair value of options granted	$	7.40

Summary of activity for restricted stock performance units

A summary of the activity for restricted stock units as of and for the nine months ended September 30, 2013 is presented below:

	Number of Units		Weighted- Average Grant Date Fair Value  Per Unit
Outstanding at January 1, 2013	156,510		$	20.83
Granted	71,429		23.41
Converted into shares of common stock	(36,172	)	22.47
Forfeited/expired	(3,330	)	21.67
Outstanding at September 30, 2013	188,437		$	21.48